Unlike child custody, alimony, and other family law matters, property division is unique it is a factor in nearly all divorce cases since most divorcing couples have some marital property to divide. It may not be uncommon for divorcing couples to find themselves involved in a contest of who gets the house, the cars, and other big-ticket items while losing sight of the related debt implications.
It may be important to remember that all marital assets and debts must be divided during a divorce. While the division process could be straightforward for physical items like furniture, it may be more complex for larger assets such as real property and business holdings. If you are thinking about divorce or are in the process of divorcing your significant other, contact a Joliet property division lawyer at Reidy Law Office LLC. Our experienced divorce attorneys could help you understand all legal options and advocate for your best interests.
Pursuant to Section 503 of the Illinois Marriage and Dissolution of Marriage Act, all property that is acquired by either you or your spouse during a marriage—including debts—is presumed to be marital property and may be subject to equitable distribution in divorce.
It may be important to note that judges in Joliet do not consider marital misconduct when determining equitable distribution. Judges may not necessarily split marital property evenly and may attempt to split it fairly based upon several factors. This may include but is not limited to:
Residents of Joliet could consult with local property division lawyers for help with wading through the difficulties associated with property division. If resolving your dispute through negotiation or mediation is not feasible, our team of attorneys could go to court on your behalf to defend your rights.
When deciding on the marital assets that are most important to you, you may list the marital home, a vacation home, cars, and other such substantial assets, perhaps because you feel entitled to them or you just do not believe your spouse should have them. This may be completely understandable since the process of marital property division could easily become emotionally charged. It is crucial to not lose sight of any debt that may accompany those assets. It may not be in your best interests to be awarded the marital home and vehicles if the related property taxes, insurance payments, maintenance costs, and other expenses are more than you can bear.
To add a layer of complexity, property division agreements could have unexpected effects on future tax liabilities if they are not negotiated properly. It might be critical that you understand all the pros and cons of the proposed division of property. Our property division lawyers in Joliet could help you as you navigate this often emotionally difficult path.
At Reidy Law Office LLC, we are dedicated to guiding Joliet residents through the process of marital property division and helping them develop an approach that allows them to emerge from the process in a favorable position. Let a Joliet property division lawyer help you. Call us today at (708) 942-8428 to set up a consultation with a member of our legal team to see what options may be available to you.